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The SEC has officially been urged by ETF issuers VanEck, 21Shares, and Canary Capital to reinstate the “first-to-file” principle. They emphasize the principle’s critical role in encouraging innovation, ensuring fair competition within the crypto ETF market, and the approval of XRP, Solana spot ETFs

The businesses contend that abolishing this approach could halt the development of digital asset investment vehicles by discouraging innovative product development and compromising investor choice.

The current strategy of the SEC, issuers’ caution, fundamentally undermines the commission’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

21Shares and Canary Capital urge the SEC to reinstate the crypto ETF first-to-file rule, emphasizing its value for innovation and market equity.” In a letter to the US Securities and Exchange Commission (SEC), VanEck, 21Shares, and Canary Capital expressed their growing dissatisfaction with market innovation and regulation.

As the sponsors claim with their “first-to-file” approach, a preferred “lazy behavior” is being rewarded by allowing noncompliant applicants to jump ahead of eager product developers, which disincentivizes pioneers who seek to engage in new and improved endeavors.

These same issuers assert that it is becoming narrow-minded and limiting competition, which contradicts the core function of markets, the SEC was built to regulate, and keep order.

This letter sheds light on the reality of US policies that attempt to disguise self-preservation by finding loopholes to foster free-market methods and create systems where policy shields restrict innovation rather than enable entrepreneurship.